Article Written for:  TaxStringer, the NYSSCPA's (New York Society of Certified Public Accountants) 

U.S. citizens and residents are subject to a number of IRS reporting requirements regarding assets held outside the U.S. Foreign situs assets and interests in offshore trusts significantly complicate tax reporting. Several such filing requirements are outlined below.

Article Written for:  TaxStringer, the NYSSCPA's (New York Society of Certified Public Accountants) 

The U.S. imposes an Expatriation Tax on U.S. citizens who abandon citizenship and on or long-term U.S. residents (non-citizens) who surrender their green card. The expatriation tax consists of the Exit Tax and the Inheritance Tax.  This article explains the Exit Tax.